Strathcona secures new C$1 billion covenant-based facility

Chicago, June 11 – Strathcona Resources Ltd. secured a new covenant-based C$1 billion credit facility with a syndicate of Canadian, U.S. and international banks, according to a press release.

TD Securities, RBC Capital Markets, Scotia Capital, CIBC Capital Markets, and BMO Capital Markets served as co-lead arrangers and joint bookrunners on the new credit facility. TD Securities served as administrative agent.

Concurrently with the credit facility, Waterous Energy Fund announced the amalgamation of its two portfolio companies, Strathcona Resources Ltd. and Osum Oil Sands Corp. The amalgamation will continue its business under the name Strathcona Resources and will remain 100% owned by the fund and the fund’s co-investors and Strathcona employees.

Strathcona is the product of nine separate transactions completed by the Waterous Energy Fund since 2017, including three take-private transactions and two bankruptcy situations.

Waterous Energy Fund is a Calgary, Alta.-based energy investment firm with offices in Houston and New York.

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